Bill Text: OR HB2069 | 2011 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relating to the Special Public Works Fund.

Spectrum: Unknown

Status: (Passed) 2011-05-16 - Chapter 47, (2011 Laws): Effective date January 1, 2012. [HB2069 Detail]

Download: Oregon-2011-HB2069-Introduced.html

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     76th OREGON LEGISLATIVE ASSEMBLY--2011 Regular Session

NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .

LC 892

                         House Bill 2069

Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
  Presession filed (at the request of Governor John A. Kitzhaber
  for Oregon Business Development Department)

                             SUMMARY

The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.

  Extends terms of loans made from Special Public Works Fund.

                        A BILL FOR AN ACT
Relating to the Special Public Works Fund; amending ORS 285B.440.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 285B.440 is amended to read:
  285B.440. (1)(a) The moneys in the Special Public Works Fund
shall be used primarily to provide loans to municipalities for
projects as defined in ORS 285B.410 to 295B.482. The Oregon
Infrastructure Finance Authority may determine the level of grant
or loan funding, if any, on a case-by-case basis.
  (b) If the authority approves funding, the authority shall
determine a maximum amount of the loan based upon a reasonable
and prudent expectation of the ability of the municipality to
repay the loan.
  (c) The  { + initial + } loan term may not exceed the usable
life of the project or   { - 25 - }  { +  30 + } years from the
year of project completion, whichever is less. { +  The term of a
renegotiated loan may not exceed the remaining usable life of the
project or 30 years, whichever is less. + }
  (d) Assistance from the fund for a marine facility project
otherwise funded under ORS 777.267 shall be limited to a loan.
The loan may not exceed the amount of the required local matching
funds.
  (2) The Oregon Business Development Department shall by rule
adopt standards for awarding grants from the Special Public Works
Fund. The standards may include the award of grants as a
financial incentive to accomplish the goals of the Special Public
Works Fund, to address special circumstances of a project or to
address the financial need of the applicant.
  (3) The authority may make grants to a municipality not to
exceed $1 million per project or 85 percent of the allowable
project costs, whichever is less. For purposes of this
subsection, allowable project costs do not include capitalized
interest, if any.
  (4) The authority may not expend more than one percent of the
value of the Special Public Works Fund in any biennium for grants
or direct assistance, if any, for planning projects and community
development projects to municipalities.
  (5) The authority may not expend more than $2.5 million in any
biennium for emergency project grants. For purposes of this
subsection, emergency project grants include grants for essential
community facilities, as defined by the department by rule after
consultation with the League of Oregon Cities, the Association of
Oregon Counties, the Oregon Ports Representation Group and the
Special Districts Association of Oregon.
  (6) Except as otherwise limited by this section, not more than
100 percent of the total cost of a project, including capitalized
interest, shall be financed from the Special Public Works Fund.
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